After the reappearance of a hidden historical pattern, Dogecoin price is once again on the brink of another key breakout. If this breakout occurs, it will confirm a Dogecoin bull market, leading the meme coin to unprecedented levels. One analyst predicts that Dogecoin's price could exceed $10 during this bull cycle.
Why is DOGE price falling today?
On November 7, the DOGE price fell 8% to $0.1941 during pre-London trading.
The decline may be due to investors taking profits and reallocating to mid-cap coins, or it could be a result of crypto assets like Lido DAO (LDO), Raydium (RAy), and Maker (MKR) rising more than 22% in the past 24 hours.
Additionally, on the evening of November 7, Bitcoin price experienced a surge in trading volume and volatility, reaching a historic high of $76,244. However, the price has since retraced to the current $74,814.
Dogecoin is about to enter a 'green week', rising above $10.
Cryptocurrency analyst Dima James Potts predicts that Dogecoin price could soar to $10 in this bull market. By examining the weekly chart, he highlighted a hidden historical pattern and noted that each time this occurs, Dogecoin price turns positive, triggering a 'green week'.
For example, in the first bull market cycle, DOGE had an average return of 8,373%; in the second cycle, it rose 18,376%. Currently, the meme coin is in its third cycle, and analysts hope for a closing price above $0.21 to confirm that the historical pattern has completed.
This could lead to Dogecoin price exhibiting a parabolic trend, similar to what was seen in previous years, potentially driving the asset up to $35, with an average return of 19,416%.
As of the time of writing, the weekly candlestick will conclude in about three days, confirming the bullish bias and initiating a 200-fold parabolic run for DOGE price.
DOGE Price Analysis: Will Dogecoin break through the $0.20 mark?
Dogecoin price prediction shows that the asset is currently in a retracement phase after breaking through the $0.2 mark. There was significant selling resistance near the previous year's high, but buyers have not given up. Dogecoin is currently in an upward channel, which is bullish, and the recent candlestick patterns indicate strong buying pressure. Dogecoin has now set a new local high of around $0.32 (at the top of the channel), with a potential spike to $0.44 during high volatility.
The Average Directional Index (ADX) is currently at 28 and on an upward trend, indicating that Dogecoin's volatility is high and still increasing. This suggests that the current upward trend of DOGE price is strong and unlikely to fail.
The MACD histogram also confirms a strong upward trend. This is useful for traders as it indicates when to exit positions, given that the Relative Strength Index (RSI) is currently in the overbought region at 72.28.
When the RSI enters the overbought (OB) region, it indicates that a price correction is imminent. However, it also suggests potential short-term volatility, which may be exactly what DOGE price is waiting for to break through the annual high of $0.20-$0.22.